Bridgestone tyres raises its financial projections

Bridgestone has revised and raised its consolidated financial projections for the first half of its fiscal year on the back of increased demand for tyres.

The Japanese tyres manufacturer has also released its projections for the full year.

For the first half ending June 30, 2010, Bridgestone predicts net income of 37 billion yen on net sales of 1.38 trillion yen. The company previously had estimated income and sales of 27 billion yen and 1.36 trillion yen, respectively, for the first half.

Bridgestone says: “The company anticipates its half-year operating income, oridinary income and net income will exceed the previous financial projections primarily as a result of an increase in tyre unit sales and improved tyre prices in overseas markets.”

For the full year, Bridgestone estimates that despite rising raw material costs, its results will be up year over year.

“The company predicts an increase in tyre unit sales compared to the previous year on a global basis, including Japan, the Americas and Europe,” says Bridgestone. “It also expects sales in its diversified products businesses to exceed those of the prior year.”